Confused? : Still Haven't Received Capital Gains Loss

[mike4156]

So i filed my federal taxes and capital gains loss on turbo tax , my first year investing so i was wondering when am i supposed to get my capital loss return back?

[Bsch4477]

You don’t get anything back. Your capital loss is deducted from your income up to a maximum of $3,000. 

[VolvoGirl]

If you have investment sale losses, after you subtract the losses from your gains you can only deduct up to 3,000 (1,500 MFS) per year. The rest you will have to carryover until it is used up.

The Capital Gains or Loss will be on 1040 line 7 and Schedule D.  A loss (up to the 3,000 max) is subtracted from your income.  

A Gain will add to your income but be taxed at Capital Gains Tax rates.   So the tax on line 16 is not taken from the tax table but is calculated separately from Schedule D.  The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all the worksheets to see it.

[VolvoGirl]

And you don't get the losses back.  You only get to subtract them from your gains and other income so you get taxed on less income.  But you can only deduct 3,000 of loss per year.  

[deanandhope]

What if I just want to forget it. I do not deal in stocks and im old . will never use it.